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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dycom Industries Inc | NYSE:DY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.90 | 2.78% | 144.03 | 145.99 | 142.695 | 143.25 | 263,122 | 22:30:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 29, 2017
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
|
Florida
|
|
59-1277135
|
(
State or other jurisdiction of incorporation or organization
)
|
|
(
I.R.S. Employer Identification No.
)
|
|
|
|
11780 US Highway 1, Suite 600, Palm Beach Gardens, FL
|
|
33408
|
(
Address of principal executive offices
)
|
|
(
Zip Code
)
|
Large accelerated filer
x
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
|
|
|
Dycom Industries, Inc.
Table of Contents
|
||
|
|
|
PART I - FINANCIAL INFORMATION
|
||
|
|
|
|
|
|
PART II - OTHER INFORMATION
|
||
|
|
|
|
|
|
SIGNATURES
|
|
|
April 29, 2017
|
|
July 30, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
19,357
|
|
|
$
|
33,787
|
|
Accounts receivable, net
|
348,868
|
|
|
328,030
|
|
||
Costs and estimated earnings in excess of billings
|
440,895
|
|
|
376,972
|
|
||
Inventories
|
88,175
|
|
|
73,606
|
|
||
Deferred tax assets, net
|
22,614
|
|
|
22,733
|
|
||
Income tax receivable
|
6,258
|
|
|
—
|
|
||
Other current assets
|
24,070
|
|
|
16,106
|
|
||
Total current assets
|
950,237
|
|
|
851,234
|
|
||
|
|
|
|
||||
Property and equipment, net
|
378,408
|
|
|
326,670
|
|
||
Goodwill
|
323,235
|
|
|
310,157
|
|
||
Intangible assets, net
|
189,851
|
|
|
197,879
|
|
||
Other
|
34,281
|
|
|
33,776
|
|
||
Total non-current assets
|
925,775
|
|
|
868,482
|
|
||
Total assets
|
$
|
1,876,012
|
|
|
$
|
1,719,716
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
119,334
|
|
|
$
|
115,492
|
|
Current portion of debt
|
14,438
|
|
|
13,125
|
|
||
Billings in excess of costs and estimated earnings
|
14,885
|
|
|
19,557
|
|
||
Accrued insurance claims
|
40,242
|
|
|
36,844
|
|
||
Income taxes payable
|
651
|
|
|
15,307
|
|
||
Other accrued liabilities
|
99,331
|
|
|
122,302
|
|
||
Total current liabilities
|
288,881
|
|
|
322,627
|
|
||
|
|
|
|
||||
Long-term debt
|
811,579
|
|
|
706,202
|
|
||
Accrued insurance claims
|
60,726
|
|
|
52,835
|
|
||
Deferred tax liabilities, net non-current
|
87,401
|
|
|
76,587
|
|
||
Other liabilities
|
4,687
|
|
|
4,178
|
|
||
Total liabilities
|
1,253,274
|
|
|
1,162,429
|
|
||
|
|
|
|
||||
COMMITMENTS AND CONTINGENCIES, Note 16
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, par value $1.00 per share: 1,000,000 shares authorized: no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, par value $0.33 1/3 per share: 150,000,000 shares authorized: 31,078,172 and 31,420,310 issued and outstanding, respectively
|
10,360
|
|
|
10,473
|
|
||
Additional paid-in capital
|
5,218
|
|
|
10,208
|
|
||
Accumulated other comprehensive loss
|
(1,419
|
)
|
|
(1,274
|
)
|
||
Retained earnings
|
608,579
|
|
|
537,880
|
|
||
Total stockholders’ equity
|
622,738
|
|
|
557,287
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,876,012
|
|
|
$
|
1,719,716
|
|
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
For the Three Months Ended
|
||||||
|
April 29, 2017
|
|
April 23, 2016
|
||||
REVENUES:
|
|
|
|
||||
Contract revenues
|
$
|
786,338
|
|
|
$
|
664,645
|
|
|
|
|
|
||||
EXPENSES:
|
|
|
|
||||
Costs of earned revenues, excluding depreciation and amortization
|
621,475
|
|
|
520,408
|
|
||
General and administrative (including stock-based compensation expense of $4.9 million and $3.9 million, respectively)
|
61,317
|
|
|
56,519
|
|
||
Depreciation and amortization
|
37,411
|
|
|
31,583
|
|
||
Total
|
720,203
|
|
|
608,510
|
|
||
|
|
|
|
||||
Interest expense, net
|
(9,382
|
)
|
|
(8,007
|
)
|
||
Other income, net
|
4,793
|
|
|
4,323
|
|
||
Income before income taxes
|
61,546
|
|
|
52,451
|
|
||
|
|
|
|
||||
Provision (benefit) for income taxes:
|
|
|
|
||||
Current
|
25,519
|
|
|
14,842
|
|
||
Deferred
|
(2,769
|
)
|
|
4,526
|
|
||
Total provision for income taxes
|
22,750
|
|
|
19,368
|
|
||
|
|
|
|
||||
Net income
|
$
|
38,796
|
|
|
$
|
33,083
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
||||
Basic earnings per common share
|
$
|
1.24
|
|
|
$
|
1.02
|
|
|
|
|
|
||||
Diluted earnings per common share
|
$
|
1.22
|
|
|
$
|
1.00
|
|
|
|
|
|
||||
Shares used in computing earnings per common share:
|
|
|
|
||||
Basic
|
31,357,124
|
|
|
32,433,560
|
|
||
|
|
|
|
||||
Diluted
|
31,909,926
|
|
|
33,050,934
|
|
||
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
For the Nine Months Ended
|
||||||
|
April 29, 2017
|
|
April 23, 2016
|
||||
REVENUES:
|
|
|
|
||||
Contract revenues
|
$
|
2,286,693
|
|
|
$
|
1,883,383
|
|
|
|
|
|
||||
EXPENSES:
|
|
|
|
||||
Costs of earned revenues, excluding depreciation and amortization
|
1,797,836
|
|
|
1,477,671
|
|
||
General and administrative (including stock-based compensation expense of $15.9 million and $12.6 million, respectively)
|
179,712
|
|
|
155,003
|
|
||
Depreciation and amortization
|
107,662
|
|
|
88,930
|
|
||
Total
|
2,085,210
|
|
|
1,721,604
|
|
||
|
|
|
|
||||
Interest expense, net
|
(27,629
|
)
|
|
(25,010
|
)
|
||
Loss on debt extinguishment
|
—
|
|
|
(16,260
|
)
|
||
Other income, net
|
6,737
|
|
|
6,866
|
|
||
Income before income taxes
|
180,591
|
|
|
127,375
|
|
||
|
|
|
|
||||
Provision for income taxes:
|
|
|
|
||||
Current
|
61,165
|
|
|
20,026
|
|
||
Deferred
|
5,917
|
|
|
27,969
|
|
||
Total provision for income taxes
|
67,082
|
|
|
47,995
|
|
||
|
|
|
|
||||
Net income
|
$
|
113,509
|
|
|
$
|
79,380
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
||||
Basic earnings per common share
|
$
|
3.61
|
|
|
$
|
2.43
|
|
|
|
|
|
||||
Diluted earnings per common share
|
$
|
3.54
|
|
|
$
|
2.37
|
|
|
|
|
|
||||
Shares used in computing earnings per common share:
|
|
|
|
||||
Basic
|
31,439,981
|
|
|
32,656,490
|
|
||
|
|
|
|
||||
Diluted
|
32,091,091
|
|
|
33,486,515
|
|
||
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
||||||||
Net income
|
$
|
38,796
|
|
|
$
|
33,083
|
|
|
$
|
113,509
|
|
|
$
|
79,380
|
|
Foreign currency translation (losses) gains, net of tax
|
(165
|
)
|
|
447
|
|
|
(145
|
)
|
|
91
|
|
||||
Comprehensive income
|
$
|
38,631
|
|
|
$
|
33,530
|
|
|
$
|
113,364
|
|
|
$
|
79,471
|
|
|
|
|
|
|
|
|
|
||||||||
See notes to the condensed consolidated financial statements.
|
|
For the Nine Months Ended
|
||||||
|
April 29, 2017
|
|
April 23, 2016
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
113,509
|
|
|
$
|
79,380
|
|
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:
|
|
|
|
||||
Depreciation and amortization
|
107,662
|
|
|
88,930
|
|
||
Deferred income tax provision
|
5,917
|
|
|
27,969
|
|
||
Stock-based compensation
|
15,930
|
|
|
12,600
|
|
||
Bad debt expense, net
|
239
|
|
|
1,005
|
|
||
Gain on sale of fixed assets
|
(8,220
|
)
|
|
(6,213
|
)
|
||
Write-off of deferred financing fees and premium on long-term debt
|
—
|
|
|
2,017
|
|
||
Amortization of debt discount
|
13,111
|
|
|
10,119
|
|
||
Amortization of debt issuance costs and other
|
2,469
|
|
|
1,981
|
|
||
Excess tax benefit from share-based awards
|
(8,047
|
)
|
|
(11,384
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(12,056
|
)
|
|
(29,667
|
)
|
||
Costs and estimated earnings in excess of billings, net
|
(75,005
|
)
|
|
(77,180
|
)
|
||
Other current assets and inventory
|
(23,339
|
)
|
|
(11,000
|
)
|
||
Other assets
|
1,083
|
|
|
(2,867
|
)
|
||
Income taxes receivable/payable
|
(12,696
|
)
|
|
(10,622
|
)
|
||
Accounts payable
|
(1,356
|
)
|
|
6,827
|
|
||
Accrued liabilities, insurance claims, and other liabilities
|
(12,688
|
)
|
|
(2,922
|
)
|
||
Net cash provided by operating activities
|
106,513
|
|
|
78,973
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
||||
Capital expenditures
|
(135,186
|
)
|
|
(138,721
|
)
|
||
Proceeds from sale of assets
|
10,087
|
|
|
6,432
|
|
||
Cash paid for acquisitions, net of cash acquired
|
(26,427
|
)
|
|
(48,804
|
)
|
||
Proceeds from acquisition working capital adjustment
|
1,825
|
|
|
—
|
|
||
Changes in restricted cash and other
|
265
|
|
|
(479
|
)
|
||
Net cash used in investing activities
|
(149,436
|
)
|
|
(181,572
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from borrowings on senior credit agreement, including term loans
|
640,000
|
|
|
773,000
|
|
||
Principal payments on senior credit agreement, including term loans
|
(547,563
|
)
|
|
(654,250
|
)
|
||
Repurchases of common stock
|
(62,909
|
)
|
|
(169,997
|
)
|
||
Proceeds from issuance of 0.75% convertible senior notes due 2021
|
—
|
|
|
485,000
|
|
||
Proceeds from sale of warrants
|
—
|
|
|
74,690
|
|
||
Purchase of convertible note hedge
|
—
|
|
|
(115,818
|
)
|
||
Principal payments for satisfaction and discharge of 7.125% senior subordinated notes
|
—
|
|
|
(277,500
|
)
|
||
Debt issuance costs
|
(70
|
)
|
|
(15,542
|
)
|
||
Exercise of stock options
|
1,434
|
|
|
1,816
|
|
||
Restricted stock tax withholdings
|
(10,446
|
)
|
|
(12,146
|
)
|
||
Excess tax benefit from share-based awards
|
8,047
|
|
|
11,384
|
|
||
Net cash provided by financing activities
|
28,493
|
|
|
100,637
|
|
||
Net decrease in cash and equivalents
|
(14,430
|
)
|
|
(1,962
|
)
|
||
|
|
|
|
||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
|
33,787
|
|
|
21,289
|
|
||
|
|
|
|
||||
CASH AND EQUIVALENTS AT END OF PERIOD
|
$
|
19,357
|
|
|
$
|
19,327
|
|
|
|
|
|
|
For the Nine Months Ended
|
||||||
|
April 29, 2017
|
|
April 23, 2016
|
||||
SUPPLEMENTAL DISCLOSURE OF OTHER CASH FLOW ACTIVITIES AND NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Cash paid for interest
|
$
|
13,015
|
|
|
$
|
12,765
|
|
Cash paid for taxes, net
|
$
|
74,501
|
|
|
$
|
31,205
|
|
Purchases of capital assets included in accounts payable or other accrued liabilities at period end
|
$
|
9,579
|
|
|
$
|
7,120
|
|
|
|
|
|
||||
See notes to the condensed consolidated financial statements.
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
||||||||
Net income available to common stockholders (numerator)
|
|
$
|
38,796
|
|
|
$
|
33,083
|
|
|
$
|
113,509
|
|
|
$
|
79,380
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares (denominator)
|
|
31,357,124
|
|
|
32,433,560
|
|
|
31,439,981
|
|
|
32,656,490
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
|
$
|
1.24
|
|
|
$
|
1.02
|
|
|
$
|
3.61
|
|
|
$
|
2.43
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares
|
|
31,357,124
|
|
|
32,433,560
|
|
|
31,439,981
|
|
|
32,656,490
|
|
||||
Potential shares of common stock arising from stock options, and unvested restricted share units
|
|
552,802
|
|
|
617,374
|
|
|
651,110
|
|
|
830,025
|
|
||||
Total shares-diluted (denominator)
|
|
31,909,926
|
|
|
33,050,934
|
|
|
32,091,091
|
|
|
33,486,515
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share
|
|
$
|
1.22
|
|
|
$
|
1.00
|
|
|
$
|
3.54
|
|
|
$
|
2.37
|
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||
|
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
||||
Stock-based awards
|
|
96,020
|
|
|
116,544
|
|
|
64,632
|
|
|
79,792
|
|
0.75% convertible senior notes due 2021
|
|
5,005,734
|
|
|
5,005,734
|
|
|
5,005,734
|
|
|
5,005,734
|
|
Warrants
|
|
5,005,734
|
|
|
5,005,734
|
|
|
5,005,734
|
|
|
5,005,734
|
|
Total anti-dilutive weighted shares excluded from the calculation of earnings per common share
|
|
10,107,488
|
|
|
10,128,012
|
|
|
10,076,100
|
|
|
10,091,260
|
|
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
||||
Accounts receivable
|
$
|
8.9
|
|
|
$
|
16.9
|
|
Costs and estimated earnings in excess of billings
|
2.6
|
|
|
22.3
|
|
||
Inventories and other current assets
|
0.2
|
|
|
11.9
|
|
||
Property and equipment
|
5.6
|
|
|
11.5
|
|
||
Goodwill
|
10.3
|
|
|
41.2
|
|
||
Intangible assets - customer relationships
|
9.8
|
|
|
94.5
|
|
||
Intangible assets - trade names and other
|
0.7
|
|
|
1.8
|
|
||
Total assets
|
38.1
|
|
|
200.1
|
|
||
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Accounts payable
|
3.3
|
|
|
23.7
|
|
||
Accrued and other current liabilities
|
3.4
|
|
|
21.0
|
|
||
Deferred tax liabilities, net non-current
|
5.0
|
|
|
—
|
|
||
Total liabilities
|
11.7
|
|
|
44.7
|
|
||
|
|
|
|
||||
Net Assets Acquired
|
$
|
26.4
|
|
|
$
|
155.4
|
|
|
April 29, 2017
|
|
July 30, 2016
|
||||
Contract billings
|
$
|
323,743
|
|
|
$
|
297,532
|
|
Retainage
|
26,497
|
|
|
32,101
|
|
||
Total
|
350,240
|
|
|
329,633
|
|
||
Less: allowance for doubtful accounts
|
(1,372
|
)
|
|
(1,603
|
)
|
||
Accounts receivable, net
|
$
|
348,868
|
|
|
$
|
328,030
|
|
|
April 29, 2017
|
|
July 30, 2016
|
||||
Costs incurred on contracts in progress
|
$
|
373,504
|
|
|
$
|
307,826
|
|
Estimated to date earnings
|
100,814
|
|
|
92,226
|
|
||
Total costs and estimated earnings
|
474,318
|
|
|
400,052
|
|
||
Less: billings to date
|
(48,308
|
)
|
|
(42,637
|
)
|
||
|
$
|
426,010
|
|
|
$
|
357,415
|
|
Included in the accompanying condensed consolidated balance sheets under the captions:
|
|
|
|
|
|
||
Costs and estimated earnings in excess of billings
|
$
|
440,895
|
|
|
$
|
376,972
|
|
Billings in excess of costs and estimated earnings
|
(14,885
|
)
|
|
(19,557
|
)
|
||
|
$
|
426,010
|
|
|
$
|
357,415
|
|
|
Estimated Useful Lives (Years)
|
|
April 29, 2017
|
|
July 30, 2016
|
||||
Land
|
—
|
|
$
|
3,475
|
|
|
$
|
3,475
|
|
Buildings
|
10-35
|
|
12,006
|
|
|
11,969
|
|
||
Leasehold improvements
|
1-10
|
|
13,959
|
|
|
13,753
|
|
||
Vehicles
|
1-5
|
|
461,059
|
|
|
404,273
|
|
||
Computer hardware and software
|
1-7
|
|
104,659
|
|
|
95,570
|
|
||
Office furniture and equipment
|
1-10
|
|
11,949
|
|
|
10,374
|
|
||
Equipment and machinery
|
1-10
|
|
274,728
|
|
|
242,079
|
|
||
Total
|
|
|
881,835
|
|
|
781,493
|
|
||
Less: accumulated depreciation
|
|
|
(503,427
|
)
|
|
(454,823
|
)
|
||
Property and equipment, net
|
|
|
$
|
378,408
|
|
|
$
|
326,670
|
|
|
Goodwill
|
|
Accumulated Impairment Losses
|
|
Total
|
||||||
Balance as of July 30, 2016
|
$
|
505,924
|
|
|
$
|
(195,767
|
)
|
|
$
|
310,157
|
|
Goodwill from fiscal 2017 acquisition
|
10,309
|
|
|
—
|
|
|
10,309
|
|
|||
Purchase price allocation adjustments from fiscal 2016 acquisitions
|
2,769
|
|
|
—
|
|
|
2,769
|
|
|||
Balance as of April 29, 2017
|
$
|
519,002
|
|
|
$
|
(195,767
|
)
|
|
$
|
323,235
|
|
|
2016
|
|
2015
|
|
2014
|
Terminal Growth Rate
|
2.0% - 3.0%
|
|
1.5% - 2.5%
|
|
1.5% - 3.0%
|
Discount Rate
|
11.5%
|
|
11.5%
|
|
11.5%
|
|
April 29, 2017
|
|
July 30, 2016
|
||||||||||||||||||||||
|
Weighted Average Remaining Useful Lives (Years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, Net
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, Net
|
||||||||||||
Customer relationships
|
12.3
|
|
$
|
299,717
|
|
|
$
|
118,203
|
|
|
$
|
181,514
|
|
|
$
|
289,955
|
|
|
$
|
101,012
|
|
|
$
|
188,943
|
|
Trade names
|
7.3
|
|
10,350
|
|
|
6,914
|
|
|
3,436
|
|
|
9,800
|
|
|
6,034
|
|
|
3,766
|
|
||||||
UtiliQuest trade name
|
—
|
|
4,700
|
|
|
—
|
|
|
4,700
|
|
|
4,700
|
|
|
—
|
|
|
4,700
|
|
||||||
Non-compete agreements
|
2.5
|
|
685
|
|
|
484
|
|
|
201
|
|
|
685
|
|
|
329
|
|
|
356
|
|
||||||
Contract backlog
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,780
|
|
|
4,666
|
|
|
114
|
|
||||||
|
|
|
$
|
315,452
|
|
|
$
|
125,601
|
|
|
$
|
189,851
|
|
|
$
|
309,920
|
|
|
$
|
112,041
|
|
|
$
|
197,879
|
|
|
April 29, 2017
|
|
July 30, 2016
|
||||
Accrued payroll and related taxes
|
$
|
23,293
|
|
|
$
|
23,908
|
|
Accrued employee benefit and incentive plan costs
|
33,873
|
|
|
40,943
|
|
||
Accrued construction costs
|
26,931
|
|
|
41,123
|
|
||
Other current liabilities
|
15,234
|
|
|
16,328
|
|
||
Total other accrued liabilities
|
$
|
99,331
|
|
|
$
|
122,302
|
|
|
April 29, 2017
|
|
July 30, 2016
|
||||
Credit Agreement - Revolving facility (matures April 2020)
|
$
|
71,000
|
|
|
$
|
—
|
|
Credit Agreement - Term loan facilities (mature April 2020)
|
367,688
|
|
|
346,250
|
|
||
0.75% convertible senior notes, net (mature September 2021)
|
387,329
|
|
|
373,077
|
|
||
|
826,017
|
|
|
719,327
|
|
||
Less: current portion
|
(14,438
|
)
|
|
(13,125
|
)
|
||
Long-term debt
|
$
|
811,579
|
|
|
$
|
706,202
|
|
Borrowings - Eurodollar Rate Loans
|
1.25% - 2.00% plus LIBOR
|
Borrowings - Base Rate Loans
|
0.25% - 1.00% plus administrative agent’s base rate
(1)
|
Unused Revolver Commitment
|
0.25% - 0.40%
|
Standby Letters of Credit
|
1.25% - 2.00%
|
Commercial Letters of Credit
|
0.625% - 1.00%
|
|
Weighted Average Rate End of Period
|
||
|
April 29, 2017
|
|
July 30, 2016
|
Borrowings - Term loan facilities
|
2.74%
|
|
2.49%
|
Borrowings - Revolving facility
(1)
|
3.48%
|
|
—%
|
Standby Letters of Credit
|
1.75%
|
|
2.00%
|
Unused Revolver
|
0.35%
|
|
0.40%
|
|
April 29, 2017
|
|
July 30, 2016
|
||||
Liability component
|
|
|
|
||||
Principal amount of 0.75% convertible senior notes due September 2021
|
$
|
485,000
|
|
|
$
|
485,000
|
|
Less: Debt discount
|
(88,568
|
)
|
|
(101,679
|
)
|
||
Less: Debt issuance costs
(1)
|
(9,103
|
)
|
|
(10,244
|
)
|
||
Net carrying amount of Notes
|
$
|
387,329
|
|
|
$
|
373,077
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
||||||||
Gain on sale of fixed assets
|
$
|
5,048
|
|
|
$
|
4,061
|
|
|
$
|
8,220
|
|
|
$
|
6,213
|
|
Miscellaneous (expense) income, net
|
(255
|
)
|
|
262
|
|
|
(1,483
|
)
|
|
653
|
|
||||
Total other income, net
|
$
|
4,793
|
|
|
$
|
4,323
|
|
|
$
|
6,737
|
|
|
$
|
6,866
|
|
Period
|
|
Number of Shares Repurchased
|
|
Total Consideration
(In thousands)
|
|
Average Price Per Share
|
|||||
Fiscal 2016:
|
|
|
|
|
|
|
|
|
|
||
Three months ended October 24, 2015
|
|
954,224
|
|
|
$
|
69,997
|
|
|
$
|
73.35
|
|
Three months ended April 23, 2016
|
|
1,557,354
|
|
|
$
|
100,000
|
|
|
$
|
64.21
|
|
Fiscal 2017:
|
|
|
|
|
|
|
|||||
Three months ended January 28, 2017
|
|
313,006
|
|
|
$
|
25,000
|
|
|
$
|
79.87
|
|
Three months ended April 29, 2017
|
|
400,000
|
|
|
$
|
37,909
|
|
|
$
|
94.77
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
||||||||
Stock-based compensation
|
$
|
4,915
|
|
|
$
|
3,892
|
|
|
$
|
15,930
|
|
|
$
|
12,600
|
|
Related tax benefit for stock-based compensation
|
$
|
1,943
|
|
|
$
|
1,467
|
|
|
$
|
6,126
|
|
|
$
|
4,809
|
|
|
Stock Options
|
|||||
|
Shares
|
|
Weighted Average Exercise Price
|
|||
Outstanding as of July 30, 2016
|
737,267
|
|
|
$
|
20.99
|
|
Granted
|
36,914
|
|
|
$
|
78.46
|
|
Options exercised
|
(101,411
|
)
|
|
$
|
14.14
|
|
Canceled
|
(1,000
|
)
|
|
$
|
6.83
|
|
Outstanding as of April 29, 2017
|
671,770
|
|
|
$
|
25.21
|
|
|
|
|
|
|||
Exercisable options as of April 29, 2017
|
540,798
|
|
|
$
|
18.32
|
|
|
Restricted Stock
|
||||||||||||
|
RSUs
|
|
Performance RSUs
|
||||||||||
|
Share Units
|
|
Weighted Average Grant Price
|
|
Share Units
|
|
Weighted Average Grant Price
|
||||||
Outstanding as of July 30, 2016
|
251,264
|
|
|
$
|
42.56
|
|
|
625,971
|
|
|
$
|
47.66
|
|
Granted
|
64,546
|
|
|
$
|
78.70
|
|
|
274,282
|
|
|
$
|
79.29
|
|
Share units vested
|
(114,297
|
)
|
|
$
|
35.42
|
|
|
(287,593
|
)
|
|
$
|
40.53
|
|
Forfeited or canceled
|
(3,935
|
)
|
|
$
|
46.63
|
|
|
(56,854
|
)
|
|
$
|
42.67
|
|
Outstanding as of April 29, 2017
|
197,578
|
|
|
$
|
58.42
|
|
|
555,806
|
|
|
$
|
67.46
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
AT&T Inc.
|
27.1%
|
|
26.8%
|
|
28.1%
|
|
22.8%
|
Comcast Corporation
|
19.4%
|
|
14.4%
|
|
17.1%
|
|
13.3%
|
CenturyLink, Inc.
|
17.7%
|
|
13.7%
|
|
16.6%
|
|
14.7%
|
Verizon Communications Inc.
(1)
|
8.5%
|
|
10.6%
|
|
8.9%
|
|
10.7%
|
|
April 29, 2017
|
|
July 30, 2016
|
||||||||
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
||||
Comcast Corporation
|
$
|
172.5
|
|
|
22.4%
|
|
$
|
95.3
|
|
|
13.9%
|
CenturyLink, Inc.
|
$
|
118.4
|
|
|
15.4%
|
|
$
|
79.0
|
|
|
11.5%
|
AT&T Inc.
|
$
|
109.5
|
|
|
14.2%
|
|
$
|
138.8
|
|
|
20.3%
|
Windstream Corporation
|
$
|
89.5
|
|
|
11.6%
|
|
$
|
79.0
|
|
|
11.5%
|
Verizon Communications Inc.
(1)
|
$
|
63.0
|
|
|
8.2%
|
|
$
|
70.2
|
|
|
10.2%
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
AT&T Inc.
|
27.1%
|
|
26.8%
|
|
28.1%
|
|
22.8%
|
Comcast Corporation
|
19.4%
|
|
14.4%
|
|
17.1%
|
|
13.3%
|
CenturyLink, Inc.
|
17.7%
|
|
13.7%
|
|
16.6%
|
|
14.7%
|
Verizon Communications Inc.
(1)
|
8.5%
|
|
10.6%
|
|
8.9%
|
|
10.7%
|
Windstream Corporation
|
4.8%
|
|
5.6%
|
|
5.5%
|
|
5.8%
|
Charter Communications, Inc.
(2)
|
3.6%
|
|
5.4%
|
|
3.9%
|
|
6.6%
|
|
2016
|
|
2015
|
|
2014
|
Terminal Growth Rate
|
2.0% - 3.0%
|
|
1.5% - 2.5%
|
|
1.5% - 3.0%
|
Discount Rate
|
11.5%
|
|
11.5%
|
|
11.5%
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||||||||||
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
||||||||||||||||||||
Revenues
|
$
|
786.3
|
|
|
100.0
|
%
|
|
$
|
664.6
|
|
|
100.0
|
%
|
|
$
|
2,286.7
|
|
|
100.0
|
%
|
|
$
|
1,883.4
|
|
|
100.0
|
%
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of earned revenue, excluding depreciation and amortization
|
621.5
|
|
|
79.0
|
|
|
520.4
|
|
|
78.3
|
|
|
1,797.8
|
|
|
78.6
|
|
|
1,477.7
|
|
|
78.5
|
|
||||
General and administrative
|
61.3
|
|
|
7.8
|
|
|
56.5
|
|
|
8.5
|
|
|
179.7
|
|
|
7.9
|
|
|
155.0
|
|
|
8.2
|
|
||||
Depreciation and amortization
|
37.4
|
|
|
4.8
|
|
|
31.6
|
|
|
4.8
|
|
|
107.7
|
|
|
4.7
|
|
|
88.9
|
|
|
4.7
|
|
||||
Total
|
720.2
|
|
|
91.6
|
|
|
608.5
|
|
|
91.6
|
|
|
2,085.2
|
|
|
91.2
|
|
|
1,721.6
|
|
|
91.4
|
|
||||
Interest expense, net
|
(9.4
|
)
|
|
(1.2
|
)
|
|
(8.0
|
)
|
|
(1.2
|
)
|
|
(27.6
|
)
|
|
(1.2
|
)
|
|
(25.0
|
)
|
|
(1.3
|
)
|
||||
Loss on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16.3
|
)
|
|
(0.9
|
)
|
||||
Other income, net
|
4.8
|
|
|
0.6
|
|
|
4.3
|
|
|
0.7
|
|
|
6.7
|
|
|
0.3
|
|
|
6.9
|
|
|
0.4
|
|
||||
Income before income taxes
|
61.5
|
|
|
7.8
|
|
|
52.5
|
|
|
7.9
|
|
|
180.6
|
|
|
7.9
|
|
|
127.4
|
|
|
6.8
|
|
||||
Provision for income taxes
|
22.8
|
|
|
2.9
|
|
|
19.4
|
|
|
2.9
|
|
|
67.1
|
|
|
2.9
|
|
|
48.0
|
|
|
2.5
|
|
||||
Net income
|
$
|
38.8
|
|
|
4.9
|
%
|
|
$
|
33.1
|
|
|
5.0
|
%
|
|
$
|
113.5
|
|
|
5.0
|
%
|
|
$
|
79.4
|
|
|
4.2
|
%
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
April 29, 2017
|
|
April 23, 2016
|
|
April 29, 2017
|
|
April 23, 2016
|
||||||||
Income tax provision
|
|
$
|
22.8
|
|
|
$
|
19.4
|
|
|
$
|
67.1
|
|
|
$
|
48.0
|
|
Effective income tax rate
|
|
37.0
|
%
|
|
36.9
|
%
|
|
37.1
|
%
|
|
37.7
|
%
|
|
For the Nine Months Ended
|
||||||
|
April 29, 2017
|
|
April 23, 2016
|
||||
Net cash flows:
|
|
|
|
||||
Provided by operating activities
|
$
|
106.5
|
|
|
$
|
79.0
|
|
Used in investing activities
|
$
|
(149.4
|
)
|
|
$
|
(181.6
|
)
|
Provided by financing activities
|
$
|
28.5
|
|
|
$
|
100.6
|
|
Borrowings - Eurodollar Rate Loans
|
1.25% - 2.00% plus LIBOR
|
Borrowings - Base Rate Loans
|
0.25% - 1.00% plus administrative agent’s base rate
(1)
|
Unused Revolver Commitment
|
0.25% - 0.40%
|
Standby Letters of Credit
|
1.25% - 2.00%
|
Commercial Letters of Credit
|
0.625% - 1.00%
|
|
Weighted Average Rate End of Period
|
||
|
April 29, 2017
|
|
July 30, 2016
|
Borrowings - Term loan facilities
|
2.74%
|
|
2.49%
|
Borrowings - Revolving facility
(1)
|
3.48%
|
|
—%
|
Standby Letters of Credit
|
1.75%
|
|
2.00%
|
Unused Revolver
|
0.35%
|
|
0.40%
|
|
Less than 1 Year
|
|
Years 1 – 3
|
|
Years 3 – 5
|
|
Greater than 5 Years
|
|
Total
|
||||||||||
0.75% convertible senior notes due September 2021
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
485,000
|
|
|
$
|
—
|
|
|
$
|
485,000
|
|
Credit agreement – revolving facility
|
—
|
|
|
71,000
|
|
|
—
|
|
|
—
|
|
|
71,000
|
|
|||||
Credit agreement – term loan facilities
|
14,438
|
|
|
353,250
|
|
|
—
|
|
|
—
|
|
|
367,688
|
|
|||||
Fixed interest payments on long-term debt
(1)
|
3,638
|
|
|
7,275
|
|
|
5,456
|
|
|
—
|
|
|
16,369
|
|
|||||
Operating lease obligations
|
22,641
|
|
|
27,820
|
|
|
8,305
|
|
|
3,843
|
|
|
62,609
|
|
|||||
Employment agreements
|
11,908
|
|
|
9,919
|
|
|
93
|
|
|
—
|
|
|
21,920
|
|
|||||
Purchase and other contractual obligations
(2)
|
41,820
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,820
|
|
|||||
Total
|
$
|
94,445
|
|
|
$
|
469,264
|
|
|
$
|
498,854
|
|
|
$
|
3,843
|
|
|
$
|
1,066,406
|
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||
January 29, 2017 - February 25, 2017
|
|
—
|
|
|
|
$
|
—
|
|
|
—
|
|
|
(4)
|
February 26, 2017 - March 25, 2017
|
|
583
|
|
(2)
|
|
$
|
97.17
|
|
|
—
|
|
|
(4)
|
March 26, 2017 - April 29, 2017
|
|
401,556
|
|
(2)(3)
|
|
$
|
94.81
|
|
|
—
|
|
|
(4)
|
|
|
|
DYCOM INDUSTRIES, INC.
|
|
|
|
Registrant
|
|
|
|
|
Date:
|
May 26, 2017
|
|
/s/ Steven E. Nielsen
|
|
|
|
Name: Steven E. Nielsen
Title: President and Chief Executive Officer |
|
|
|
|
Date:
|
May 26, 2017
|
|
/s/ H. Andrew DeFerrari
|
|
|
|
Name: H. Andrew DeFerrari
Title: Senior Vice President and Chief Financial Officer
|
1 Year Dycom Industries Chart |
1 Month Dycom Industries Chart |
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